Home insurance market is still competitive, says Biba

Posted : 19-11-2007

Despite fears that the costs of home insurance premiums would soar after this year's floods, the market has remained competitive, according to the British Insurance Brokers' Association (Biba).

Technical services manager for the association Graeme Trudgill explains that it is wise for consumers to speak to advisers who will search the market for the best deal for them.

He noted that there was some talk of the price of premiums increasing, but that the market has remained "ultra-competitive".

"You see during any advert break on TV, companies saying 'we will be your cheapest home insurance option'. It is still very competitive," Mr Trudgill concluded.

The BBC reported that some 60,000 homes were affected by this summer's flooding and that in the three months leading up to July 23rd rainfall was more than double the usual average for the time of year.

Biba represents the interests of insurance brokers, intermediaries and customers and is the UK's leading general insurance organisation.


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